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Operator for Regina’s new Mosaic stadium asking for more money

An image of the new stadium that is slated to open in Regina for the 2017 CFL season. City of Regina

REGINA – Regina Exhibition Association Limited (REAL) is asking Regina City Council for the ability to borrow up to $13 million for capital upgrades, maintenance, and food and beverage equipment.

On the agenda for Monday night’s council meeting is a proposal from REAL to approve increasing its debt limit from $2.8 to $13 million. REAL runs the exhibition grounds, including Evraz Place and eventually the new stadium.

“Much like a new car, a new stadium comes with a sticker price, but it’s the extras that will get you.”

According to a formal letter from REAL, most of the money would be used for capital upgrades and maintenance of the Evraz facilities, while $3.75 million would be used for new food and beverage equipment of the new Mosaic stadium.

REAL anticipates it will repay $8.8 million of debt within five years.

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“I want to know if we can expect to cover any more ‘soft costs’ that aren’t part of the ‘hard-cap’ that Council has already set for the Stadium Project,” wrote councillor Shawn Fraser on his blog Sunday. “Much like a new car, a new stadium comes with a sticker price, but it’s the extras that will get you.”

The City of Regina is the organization’s only voting member.

The cost of the stadium was initially pegged at $278 million and is expected to be ready for the start of the 2017 CFL season.

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